Posted on: 22nd Mar, 2010 08:22 am
my lender claims i will save mortgage tax on the portion of the mortgage i already hold and i will only be charged mortgage tax on the amount of cash i am taking out with the refinance. they claim other lenders will charge me mortgage tax on the whole amount. is this true?
They should be able to assign the mortgage tax to the new loan. If you work with an outside lender, you would have to execute a CEMA (which can be costly depending on the lender).